EURUSD Daily Fib retr of 4/18 Swing high within CCI down
EURUSD has tagged 38.2% retracement to 4/18/19 swing high. This offers a low-risk shorting potential because the SL can be very small because if price goes above 38.2%, immediately this possible re-entrance into downtrend is negated. It would then be likely to see CCI break up thru a downtrendline for a Long signal. That could also be used for the SL for this short signal off fib. retr..
If the downtrend does indeed resume here, an 80 pip drop like the drop from 4.17 would take EU to 1.1182. There is a LOT of open space below that for T2, T3.
I rarely see a direction change on Mon.meaning the bias is still to upside. For more conservative traders, given the huge size of open space if EU does turn down soon, one could wait many, many hours to short and still have big opportunity. I'd rather kiss a tiny-SL frog if a prince might be right around the corner, than wait until a great big stop is required by waiting until the prince is visible. The other opportunity will still be there.
Entry 1.12616
SL 1.12624 if this is taken out, I'll watch for another possible toppiness as long as it is below 1.1266, else will await a CCI tlb signal for direction
T1 1.1182 or CCI tlb
If the downtrend does indeed resume here, an 80 pip drop like the drop from 4.17 would take EU to 1.1182. There is a LOT of open space below that for T2, T3.
I rarely see a direction change on Mon.meaning the bias is still to upside. For more conservative traders, given the huge size of open space if EU does turn down soon, one could wait many, many hours to short and still have big opportunity. I'd rather kiss a tiny-SL frog if a prince might be right around the corner, than wait until a great big stop is required by waiting until the prince is visible. The other opportunity will still be there.
Entry 1.12616
SL 1.12624 if this is taken out, I'll watch for another possible toppiness as long as it is below 1.1266, else will await a CCI tlb signal for direction
T1 1.1182 or CCI tlb
Comment:
T1 should have been at 38.2% drop below Entry, at 1.1252, so I protected some profits there a +10pip
Comment:
Protected some profit at 1.1244. Adding to Short 1.12563 SL 1.12583
Comment:
kissed a frog. Added shorts at 1.12610 SL 1.12624, moved to 1.12586. protect profit soon at +10p
Trade active:
Locking in +50 pip at 1.1210. Will add shorts during this retracement
Trade closed: target reached:
T1 cut thru like butter (+80-p). Taking profit at 1.11588 (+102p)
For the runner, will close on CCI crossing down TL as soon as CCI gets above -100. We may soon see a divergence on CCI, but until then and a low is retested, most likely the low of the whole move is not yet in. (Jenner's Divergence Corollary)
For the runner, will close on CCI crossing down TL as soon as CCI gets above -100. We may soon see a divergence on CCI, but until then and a low is retested, most likely the low of the whole move is not yet in. (Jenner's Divergence Corollary)
Comment:
The H&S target from a year ago is still 1200 pips below, folks